Idenix Pharmaceuticals (IDIX)

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Idenix Pharmaceuticals Reports Fourth Quarter and Year End Financial Results
Friday March 2, 7:30 am ET

CAMBRIDGE, Mass., March 2 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX - News), a biopharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of human viral and other infectious diseases, today reported unaudited financial results for the fourth quarter and year ended December 31, 2006. At December 31, 2006, Idenix's cash, cash equivalents and marketable securities totaled $186.4 million.

For the fourth quarter ended December 31, 2006, Idenix reported total revenues of $15.3 million, compared with total revenues of $18.1 million in the fourth quarter of 2005. Total revenues consist of reimbursement by Novartis of Idenix expenses incurred in connection with the development of Idenix's product and product candidates, TYZEKA® (telbivudine) and valtorcitabine for the treatment of hepatitis B virus (HBV) and valopicitabine (NM283) for the treatment of hepatitis C virus (HCV); the amortization of the up-front fees received by Idenix in connection with Novartis' license of TYZEKA, valtorcitabine and valopicitabine; and product sales of TYZEKA in the United States. Idenix reported a net loss of $23.6 million, or a loss of $0.42 per diluted share, for the fourth quarter ended December 31, 2006, compared to a net loss of $14.4 million, or a loss of $0.27 per diluted share, for the fourth quarter ended December 31, 2005.

For the year ended December 31, 2006, Idenix reported total revenues of $67.4 million, compared with total revenues of $64.7 million for the year ended December 31, 2005. Idenix reported total operating expenses of $153.1 million for the year ended December 31, 2006, compared with total operating expenses of $120.2 million for the year ended December 31, 2005. The company reported a net loss of $75.1 million, or a loss of $1.34 per diluted share, for the year ended December 31, 2006, compared with a net loss of $50.8 million, or a loss of $1.03 per diluted share, for the year ended December 31, 2005.

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